Singapore’s United Overseas Bank (UOB) has partnered with ride-hailing company Grab to strengthen its digital services for consumers in ASEAN nations.
Under the terms of the partnership, UOB will become Grab’s preferred banking partner in Singapore.
The bank will also be its strategic credit card partner in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
All Grab customers can recharge their GrabPay wallet by utilising UOB’s cash management services, following the partnership.
Additionally, it will also allow the bank to cater to the ‘mobile-first’ and ‘mobile-only’ consumers across the region.
UOB CEO and deputy chairman Wee Ee Cheong said: “Our alliance with Grab represents two like-minded companies harnessing our respective strengths to create value for consumers and to drive greater access to financial services in the region.
“The alliance will also complement our efforts to scale up our customer franchise across ASEAN.”
Both the entities will also work together to introduce new features to the UOB’s upcoming digital bank within Grab’s mobile app.
All initiatives are aimed to provide smooth and seamless digital banking services to the customers in this region.
Grab co-founder and CEO Anthony Tan said: “To have one of the largest banking groups in Southeast Asia join hands with us underlines the potential of Grab’s user base and platform to drive business success for our partners.
“By combining our strengths, we will offer consumers more convenient payments services regionally and help more people move from cash to cashless.”